Lloyds Save the Change

wizzywig27

Does anyone know if any other banks do a similar facility to save the change (where the bank rounds up to the pound and transfers to a savings account)

Thanks

Oliver99UK

They stole the idea for this feature from Monzo.

So Monzo has this feature, as does Starling. I would assume the rest of the Lloyd’s group too. That’s it as far as I know.

YorkshireBoy

Oliver99UK wrote: »

They stole the idea for this feature from Monzo.

Monzo must have been around longer than I thought then, because I remember Lloyds' version launching...more years ago than I care to remember! In fact in may even have been LloydsTSB back then? EDIT: Indeed it was LloydsTSB when they launched Save The Change back in February 2007...around 8 years before Monzo was even founded!

So Monzo has this feature, as does Starling. I would assume the rest of the Lloyd’s group too. That’s it as far as I know.

TSB have it too.

Ladykernow

Halifax also has save the change.

Wheres_My_Cashback

Oliver99UK wrote: »

They stole the idea for this feature from Monzo.

So Monzo has this feature, as does Starling. I would assume the rest of the Lloyd’s group too. That’s it as far as I know.

Lloyds TSB started it all off in March 2007, an age before the so called modern banks thought of it. Monzo and starling are not so inventive after all !

And when it started it was extremely profitable for the account holder as Lloyds would effectively pay for your change for the first month.

Spend 0.01p and Lloyds would actually contribute the extra 99p to bring it up to £1 so all you had to do was make multiple 1p payments from your account to a credit card every day to be quids in.

Anyone remember that ?

DREKLY

Hi YB, call me a bit dim, but exactly HOW does this work....


do you go into Lloyds with loose change (less than £1)?


and they make up the difference !



sounds like a winner to me, why aren't we all doing it then ?

YorkshireBoy

Wheres_My_Cashback wrote: »

Lloyds TSB started it all off in March 2007

February, as I said above.

And when it started it was extremely profitable for the account holder as Lloyds would effectively pay for your change for the first month.

Two months...February and March.

Spend 0.01p and Lloyds would actually contribute the extra 99p to bring it up to £1 so all you had to do was make multiple 1p payments from your account to a credit card every day to be quids in.

Anyone remember that ?

Yes...and better than you it appears.

Was worth up to £40/mth so £80 in total (figures after tax, which they deducted).

gardner1

Wheres_My_Cashback wrote: »

Lloyds TSB started it all off in March 2007, an age before the so called modern banks thought of it. Monzo and starling are not so inventive after all !

And when it started it was extremely profitable for the account holder as Lloyds would effectively pay for your change for the first month.

Spend 0.01p and Lloyds would actually contribute the extra 99p to bring it up to £1 so all you had to do was make multiple 1p payments from your account to a credit card every day to be quids in.

Anyone remember that ?

I made a few quid then:j

YorkshireBoy

DREKLY wrote: »

Hi YB, call me a bit dim, but exactly HOW does this work....


do you go into Lloyds with loose change (less than £1)?


and they make up the difference !



sounds like a winner to me, why aren't we all doing it then ?

That boat sailed nearly 12 years ago!

Wheres_My_Cashback

YorkshireBoy wrote: »

February, as I said above.Two months...February and March.Yes...and better than you it appears.

Was worth up to £40/mth so £80 in total (figures after tax, which they deducted).

Ok. so my memory is not quite what it was, I just focused on FREE money

YorkshireBoy

Wheres_My_Cashback wrote: »

I just focused on FREE money

I remember us grumbling at the time about them taxing it!

Personally, mine were £1.01 debit card payments to an Egg Savings account...several per day...one after the other...for days on end...just to get it over with for that month! The things we did/do for free cash eh?